Westmin and Atna announce strike length of Wolverine

A 250-metre strike length has been confirmed for the Wolverine discovery at the Foot property in southern Yukon. The announcement follows completion of the latest stepout hole on the eastern extension of the zone.

Westmin Resources (TSE) and Atna Resources (VSE) announced an 8.3-metre intersection (true thickness: 7.7 metres) of massive to semi-massive sulphides for hole 95-22 grading 10.62% zinc, 0.44% copper and 1.61% lead, as well as 371.5 grams silver and 1.76 grams gold per tonne.

Hole 95-22 was drilled from section 16+850E, thus extending the zone 50 metres to the east of hole 95-16, which had intersected a previously reported 5.6 metres of faulted massive sulphides.

The sulphide intersection, however, occurs at a depth lower than Westmin expected, suggesting the horizon has an apparent downdrop.

Meanwhile, on the most westerly defined extension of the Wolverine (section 16+600E), hole 95-21 extended the downdip by a length of 80 metres from previously reported hole 95-20, with an intersection of 4 metres of high-grade massive sulphides (true thickness: 3.6 metres).

Drilling also tested section 16+750E, with hole 95-23 returning 1.3 metres of massive sulphides updip from previously reported hole 95-10. Assay results for holes 95-21 and 23 are pending.

Westmin is earning a 60% interest from Atna in a property package that includes the Foot claim.

In other news, Westmin has reached an agreement with Expatriate Resources (VSE) to buy 1.2 million common shares from Expatriate’s treasury at $3 per share. The agreement remains subject to the approval of regulators and Westmin’s board of directors, as well as a due diligence review of Expatriate’s technical data, to be completed by Dec. 4.

The deal would result in Westmin owning a 20% share of Expatriate on a fully diluted basis.

Expatriate is required to spend at least $3.25 million of the proceeds on exploration of certain properties in the Wolverine Lake area. The company’s 20 properties in the Finlayson-Wolverine Lake area consist of 2,288 claims.

As part of the agreement with Expatriate, Westmin will identify four properties in the area, on which Expatriate must spend at least $1 million on exploration by Dec. 31, 1996. Westmin can then opt to earn a half interest in one of the properties by spending $2 million on exploration within two years.